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of <h1>Newly Commenced Business Goodwill Exempt from Capital Gains Tax</h1> <h3>HS. Brothers Versus Commissioner Of Income-Tax</h3> HS. Brothers Versus Commissioner Of Income-Tax - [1993] 200 ITR 715, 110 CTR 343 The High Court of Gujarat held that goodwill generated in a newly commenced business is not liable to capital gains tax. The judgment was based on the decision of the Supreme Court in CIT v. B. C. Srinivasa Setty [1981] 128 ITR 294. The court answered question No. 1 in the negative, in favor of the assessee, and refused to answer questions 2 and 3.
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